What is the credit score rating?

By Derek BrownPublished: Monday, December 14th, 2009

The credit score is defined as a number which is based on a variety of statistical analyses of credit reports. This credit report focuses on the payment history of the consumer and also includes various other factors like the type of loan taken, mortgages, pending bills, employment status and related factors.

This credit score is first and foremost based on this credit in order which is compiled by the three main bureaus and is usually based on the numbers from 300 to 850. It should be remembered that the scores of below 560 are considered to be poor or bad credit scores. Those scores ranging above 650 are considered to be good credit scores. These score evaluations are based on FICO scores, which is the most widely used form of credit scores in the U.S.

Retaining good credit scores is one of the most vital factors because it will influence a lot of financial decisions that you make. Apart from getting easy loans and benefits these are scores that also influence your getting employment. Hence,you should remember that these scores should be maintained well and you should pay your dues on time.

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